• Home
  • About
    • Privacy Policy
    • Write for Australian Women Online
  • Advertise With Us
  • Horoscopes
  • Style
  • Shoe Boutique
  • eFashion
  • Weight Watchers Australia

Australian Women Online

Business, career, health and lifestyle content for women

  • Home
  • BLOG
  • BOOKS
  • BUSINESS
  • CAREER
  • COOKING
  • HEALTH
  • LIFESTYLE
    • Automotive
    • Beauty
    • Fashion
    • Pets
    • Relationships
    • Your Home
    • Your Money
  • TECHNOLOGY
  • TRAVEL
    • Discount Holidays
You are here: Home / LIFESTYLE / Relationships / What if my spouse wastes assets during a separation?

What if my spouse wastes assets during a separation?

30 June 2019 by Created by Digital 360

Share this:

  • Tweet
  • Email
  • More
  • Share on Tumblr
  • Print
  • WhatsApp

What if my spouse wastes assets during a separation?

Stock photo

So your relationship has gone South, and you’re wondering how you can protect your assets in the event of a separation. And for those mummies who aren’t facing any icky situations at the moment, It’s always good to be aware of what you can and cannot do in a legal situation even if you aren’t expecting one in future.

This article hopes to explain what you should do if your spouse waste assets during a separation.

While the general rule is that the value of the asset pool for distribution is taken at the date of the separation agreement or hearing, there may be instances where your spouse wastes assets by diminishing the asset pool.

For example, your ex decides to go on a generosity and spending spree and starts selling your properties way under price, purchases assets from a joint bank account that wasn’t disclosed, or starts buying cars for his estranged cousin Bob who hasn’t spoken to in decades.

So what can you do in situations like these?

Well, lucky for the responsible spouse, a.k.a. you, these premature distributions in some cases can be added back into the total value of your asset pool.

Reasonable Living Expenses

Firstly, it is essential to consider whether the distribution of funds was done so to facilitate reasonable living expenses. With all legal terminology, the meaning of “reasonableness” is a long-winded argument that a lawyer will argue out, however, in simple English, it’s basically your necessities such as rent, utilities, groceries and so on.

These reasonably incurred living expenses will not be added back to the asset pool.

Waste

In instances where assets are considered wasted, courts have ruled it possible to add back the value of the wasted property.

For example, a legal case saw a situation where the upset spouse went on a reckless spree of diminishing the marital assets which led the court to decide that the behaviour was pretty much unacceptable and the value of the assets were added back to the asset pool.

Legal Costs

Given that legal costs can rack up a huge bill, many spouses wonder whether legal costs can be added back into the pool, especially if it’s a hefty sum.

The deciding point is to determine the source of funds used to pay for the legal costs, for example, if the source of funds came from a joint bank account, then legal costs may be added back into the pool.

If the source of funds isn’t from a joint asset, then it’s unlikely that it will be added back into the asset pool.

Sale of Assets

What if you have a vindictive spouse who sells an asset from your asset pool?

Well, if the sale of the asset can be proven, then a judge may discretionarily add the value of it back into the pool.

In Finality

When it comes to the law dealing with wasted assets in a separation, the best piece of advice to part with is that the Judge has the power to decide whether the asset shall be added back into the pool.

Article provided by Australian Family Lawyers

You May Also Like:

Filed Under: Relationships

Ads by Google
  • Facebook
  • LinkedIn
  • Pinterest
  • Twitter

New Content

  • Building a Property Investment Portfolio
  • Simple Yet Effective Ways to Manage an HVAC Business
  • 5 Tips To Keeping Your Family Covered With Medicare
  • 5 Things Your Family Should Consider Before Moving
  • The Best Barista Course Adelaide For Coffee Lovers
  • The Importance Of Community For Women’s Empowerment
  • The Coolest Types Of Places You Can Visit If You Feel Like Dressing Up For A Super Luxurious Night Out
  • Set for Success: 5 Ways to Prepare Your Teen for Adulthood
  • How to start a career in 7 steps according to Jooble’s research
  • What Is Balayage Hair Colouring?

Popular Content

  • Sexy and Stylish Short Hairstyles for Women Over 60
  • Moore Weekly Stars
  • Aussie Mums open male escort agency catering exclusively to women
  • Top 9 Cars for Women in Australia
  • Advertise with Australian Women Online
  • About
  • Incorporating New Flooring into a Modern Home
  • Escort Services: Do Escorts Ever Fall For Their Clients?
  • Rip Curl Almost Famous Ii Womens Short Light Blue
  • Write for Australian Women Online

Australian Women Online © Copyright 2007 - 2022 Deborah Robinson ABN 38 119 171 979 · All Rights Reserved

Please share your location to continue.

Check our help guide for more info.

share your location